LyondellBasell Files 8K - Changes Executive Management

LyondellBasell Industries N.V. (LYB) filed a Form 8K - Changes in Company Executive Management - with the U.S Securities and Exchange Commission on January 22, 2015.

Amendment to Employment Agreement with Named Executive Officer

Lyondell Chemical Company, a wholly owned subsidiary of LyondellBasell Industries N.V. (the "Company"), and Timothy D. Roberts entered into an Employment Agreement, dated as of June 2, 2011 (the "Original Employment Agreement"), when Mr. Roberts originally joined the Company. On January 20, 2015, the Company announced certain changes to its Executive Leadership Team, including the promotion of Mr. Roberts to Executive Vice President Global O&P.

In connection with Mr. Roberts' promotion, on January 22, 2015 the Company entered into a First Amendment to Employment Agreement (the "First Amendment") with Mr. Roberts. The First Amendment extends the provisions contained in his Original Employment Agreement, which provided a lump sum payment in the amount of his annual base salary, plus his target annual bonus for the year of termination in the event his employment with the Company is terminated by the Company without "cause" or if Mr. Roberts terminates his employment for "good reason," both as defined in the Original Employment Agreement. The terms of the Original Employment Agreement stated that the severance payments would only be paid if the specified termination occurred within the first five years after the effective date of the Original Employment Agreement. The First Amendment extends the right to these severance payments for as long as the Original Employment Agreement is in effect.

The foregoing description of the First Amendment is not complete and is qualified in its entirety by the actual provisions of the First Amendment, a copy of which is filed herewith as Exhibit 10.1 and is incorporated by reference herein.

The terms and conditions of the Original Employment Agreement remain in effect unchanged except for those provisions of the Original Employment Agreement that are directly contradicted by the First Amendment, in which event the terms of the First Amendment shall control.

The full text of this SEC filing can be retrieved at: http://www.sec.gov/Archives/edgar/data/1489393/000119312515023488/d859830d8k.htm

Any exhibits and associated documents for this SEC filing can be retrieved at: http://www.sec.gov/Archives/edgar/data/1489393/000119312515023488/0001193125-15-023488-index.htm

Public companies must file a Form 8-K, or current report, with the SEC generally within four days of any event that could materially affect a company's financial position or the value of its shares.

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